FEDAI Rules- Rule 4, Merchanting Trade RULE 4-Merchanting trade Banks will make remittances or open letter of credit in favour of the overseas suppliers provided an advance remittance for the full value or an irrevocable letter of credit for the full value has been received/ opened in favour of the merchanting trader who is not a more financial intermediary. Back-to-back letter will be treated as separate transaction and commission as per Rule 3 II.C. shall be charged to the customer. The banks are allowed to fix Forward Purchase Contract if so desired by the merchant for the difference period of receipt of the proceeds of the on-sale. If foreign currency remittance are received in advance from the overseas buyer, the banks may at the specific request of merchanting trade customer hold the foreign currency funds in their Nostro account without converting the amount into Indian Rupee till the date of payment to the overseas supplier. Bank shall not apply buying and selling rates of exchange. Commission at 0.25% shall not pay interest on such advance remittances or grant Rupee advances against foreign currency funds thus received.
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 28-03-2024 Solar module duty sop under ALMM may not continue after March 31 Date: 28-03-2024 Wherehouse? Spice, dry fruit importers facing GST heat Date: 28-03-2024 Buy Adani Ports & Special Economic Zone, target price Rs 1,460: JM Financial Date: 27-03-2024 WhatsApp ends global companies' cheap-OTP run Date: 27-03-2024 Rise in investments will generate more jobs this decade: CEA Date: 27-03-2024 Forex reserves rise $32.9 billion in April-December Date: 27-03-2024 India initiates anti-dumping probe into import of aluminium foil from China Date: 22-03-2024 India's March business activity ends fiscal year on strong note Date: 22-03-2024 Oil broadly steady after surprise US crude stock drop Date: 22-03-2024 Oil broadly steady after surprise US crude stock drop What is New? Date: 26-03-2024 Notification No. 24/2024 - Customs (N.T.) Exchange Rate Notification No. 24/2024-Cus (NT) dated 26.03.2024-reg Date: 14-03-2024 NOTIFICATION No. 17/2024-Customs Seeks to amend notification No. 57/2017-Customs dated 30.06.2017 so as to modify BCD rates on certain smart wearable devices. Date: 12-03-2024 NOTIFICATION No. 15/2024-Customs Seeks to amend specific tariff items in Chapter 90 of the 1st schedule of Customs Tariff Act, 1975. Date: 12-03-2024 NOTIFICATION No. 16/2024-Customs Seeks to amend Notification No. 50/2017-Customs dated 30.06.2017 so as to change the applicable BCD rate on specified parts of medical X-ray machines. Date: 07-03-2024 Notification No. 18/2024 - Customs (N.T.) Exchange Rate Notification No. 18/2024-Cus (NT) dated 07.03.2024-reg Date: 06-03-2024 Notification No. 13/2024-Customs Seeks to amend notification No. 50/2017- Customs dated 30.06.2017, in order to reduce the BCD on imports of meat and edible offal, of ducks, frozen, subject to the prescribed conditions, with effect from 07.03.2024. Date: 06-03-2024 Notification No. 17/2024-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg Date: 29-02-2024 Notification No. 16/2024-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg Date: 21-02-2024 Notification No. 12/2024-Customs Seeks to amend notification No. 55/2022 - Customs, dated 31.10.2022 and notification No. 64/2023 - Customs, dated 07.12.2023, in order to remove end date on export duty on Parboiled Rice and to prescribe specified condition on imports of Yellow Peas. Date: 19-02-2024 Notification No. 10/2024-Customs Seeks to amend notification No. 50/2017- Customs dated 30.06.2017
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